Books and Monographs:
Future of the SDR in Light of Changes in the International Financial System (co-editor, with Michael Mussa and Peter Isard). Washington: International Monetary Fund, 1996.
Years after Bretton Woods: The Future of the IMF and the World Bank (co-editor,
with K. Sarwar Lateef). Washington: International Monetary Fund and World Bank Group, 1995.
Role of National Saving in the World Economy: Recent Trends and Prospects (with
Bijan B. Aghevli, Peter Montiel, Delano Villanueva, and Geoffrey Woglom), International
Monetary Fund, Occasional Paper 67, March 1990.
Principles of Monetary Economics (with Elmus R. Wicker), Homewood, Illinois,
Richard D. Irwin, 1975.
Policy and the Federal Funds Market. Durham,
North Carolina: Duke University Press, 1972.
at the IMF: A Retrospective,” Finance & Development, Vol. 37 (March 2000)
“Modeling the World Economic Outlook at the IMF:
A Historical Review,” in Frank A.
G. den Butter and Mary
S. Morgan (Editors), Empirical
Models and Policy Making, pp. 113-28. London
and New York: Routledge, 2000.
le FMI et le régime des taux de change flottants: Quel rôle donner à la surveillance?” in La France et les institutions de Bretton Woods, 1944-94.
Paris: CEPII, 1998.
“Background and Overview” (with Peter
Isard), in The Future of the SDR in Light of Changes
in the International Financial System (listed above under books).
“Introduction and Overview” (with K.
Sarwar Lateef), in Fifty
Years after Bretton Woods: The Future of the IMF and the World Bank (listed
above under books).
“The IMF and the Latin American Debt Crisis: Seven
Common Criticisms,” IMF Paper on Policy Analysis and Assessment PPAA/94/23. Washington: IMF, October 1994.
“The IMF Since 1979: Revolutions in the World
Economy,” IMF Survey (July 11, 1994).
“Adjusting to Development: The IMF and the
Poor” (with Boris Bernstein), Finance & Development, 31 (September 1994); a longer version is available as IMF Paper on Policy Analysis
and Assessment PPAA/93/4 (March 1993).
“The CFA Franc Zone: Currency
Union and Monetary Standard,” in Anthony Courakis
and George S. Tavlas
(editors), Financial and Monetary Integration (Cambridge University Press, 1994). Also in the Greek Economic Review (Special
Issue, spring 1993).
“The Demand for M1 in the United States: A Comment on Baba, Hendry, and Starr,” The Economic Journal (September 1993).
“The CFA Franc: Zone of Fragile Stability
in Africa,” Finance & Development, 29 (December
“The Economics of the CFA Franc Zone,” in Paul
R. Masson and Mark
P. Taylor (editors), Policy
Issues in the Operation of Currency Unions (Cambridge University Press, 1993).
“International Comparisons of Money Demand: A
Review Essay,” Open Economies Review, 3 (October 1992).
“Commodity and Manufactures Prices in the Long Run,” IMF WP/91/47, May 1991.
“Money Demand in Five Major Countries: Estimating
and Interpreting Error-Correction Models,” in Money and Financial Markets,
edited by Mark P. Taylor
(London: Basil Blackwell, 1991).
“The Role of Policy Assignment and Cooperation in Intermediate Exchange Rate Regimes,”
in Hans J. Blommestein
(editor), The Reality of International Economic Policy Coordination (North-Holland,
“Long-Run Money Demand in Large Industrial Countries,” International Monetary Fund,
Staff Papers, 38 (March 1991).
“What Have We Learned About Estimating the Demand for Money? A Multicountry Evaluation of Some New Approaches” (with George
S. Tavlas), IMF WP/91/16 (February 1991).
“Modeling Money Demand in Large Industrial Countries:
Buffer Stock and Error Correction Approaches” (with George S.
Tavlas), Journal of Policy Modeling, vol. 12
(Summer 1990), pp. 433-61.
“External Adjustment in Large Countries: Is
the Exchange Rate Irrelevant?” Journal of Banking and Finance, 14 (November
“Commodity Prices as a Leading Indicator of Inflation” (with William
H. Branson), in Kajal
Lahiri and Geoffrey Moore
(editors), Leading Economic Indicators: New
Approaches and Forecasting Records, Cambridge University Press (October 1990), pp. 305-338. [Paperback edition published 1992]
“The Use of Commodity Prices to Forecast Inflation” (with William
H. Branson), in International Monetary Fund, Staff Studies for the World Economic Outlook, September 1990.
“National Saving and the World Economy” (with Bijan
B. Aghevli), Finance
& Development (June 1990).
“Commodity Prices and Inflation: Evidence from Seven Large Industrial Countries”
(with William H. Branson
and Alphecca Muttardy), IMF WP/89/72 (September
1989). Also available as NBER Working Paper 3158 (November 1989).
“Policy Assignment Strategies with Somewhat Flexible Exchange Rates,”
in Marcus Miller, Barry Eichengreen, and Richard Portes (editors), Blueprints for Exchange
Rate Management, Academic Press, 1989. Reprinted as “Policy Assignment
with Somewhat Flexible Exchange Rates,” in Jacob A.
Frenkel and Morris Goldstein
(editors), Functioning of the International Monetary System (Washington, D.C.:
International Monetary Fund, April 1996).
“Commodity Prices and Inflation,” Finance
& Development, 26 (June 1989).
“The Monetary Approach to Exchange Rates: What Now Remains,” Princeton Essays in International Finance, No. 171 (October
“The Role of Exchange Rate Movements in Transmitting International Disturbances,”
(with Richard D. Haas
and Paul R. Masson),
in Donald R. Hodgman
and Geoffrey E. Wood
(editors), Macroeconomic Policy and Economic Interdependence (London: Macmillan
“Exchange Rates and the Term Structure of Interest Rates,” International Monetary
Fund, Staff Papers, 35 (March 1988).
“Tests of the Performance of Reduced-Form Exchange Rate Models,” Journal of International Economics, 23 (August 1987).
“Effects of Exchange Rate Changes in Industrial Countries” (with Richard D. Haas,
Paul R. Masson, and Charles Adams), in International Monetary Fund, Staff Studies for
the World Economic Outlook, July 1986.
“The Behavior of the Currency-Deposit Ratio during the Great Depression: A Reply [to Paul
B. Trescott]” (with Elmus R. Wicker), Journal of Money, Credit, and Banking,
16 (August 1984).
“Exchange Rate Movements and Adjustment in Financial Markets: Quarterly Estimates for
Major Currencies,” International Monetary Fund, Staff Papers, 31 (September 1984).
“A Review of the External Positions of the
Oil-Importing Developing Countries and Their Relationship to the World Oil Market,”
Natural Resources Forum, 8 (January 1984).
“Conditions for an Active Exchange Rate Policy with a Predetermined Monetary Target,”
International Monetary Fund, Staff Papers,
30 (September 1983).
“Alternatives to Intervention: Domestic Instruments
and External Objectives,” in Donald R. Hodgman (editor), The Political Economy of Monetary Policy: National and International Aspects.
Federal Reserve Bank of Boston, 1983.
“Stable Monetary Growth and Exchange Rates as Policy Targets,” International Monetary
Fund, Staff Papers, 29 (December 1982).
“Forecasting Money Demand with Jorgenson’s Lag and Tobin’s Q,” Journal of Macroeconomics, 4 (Fall 1982).
“Recent Instability of the Demand for Money: Reply and Further Results,” Southern Economic Journal, 48 (Fall 1982).
“Money and Its Substitutes,” Journal of Monetary
Economics, 8 (November 1981).
“The Nominal Rate of Interest, the Rate of Return on Money, and Inflationary Expectations,”
(with James S. Fackler), Journal of Macroeconomics, 8 (Fall 1981).
“Recent Instability of the Demand for Money: An International Perspective,” Southern Economic Journal, 47 (January 1981).
“The Demand for Money in Major OECD Countries,” OECD
Economic Outlook: Occasional Studies, Paris: OECD, January 1979.
“Stability of the Demand for Money in Major OECD Countries,” Actes des Journees
sur la Construction et lUtilisation
des Modeles Macroeconomiques. Paris:
“The Behavior of the Currency-Deposit Ratio During the Great Depression,” (with
Elmus R. Wicker), Journal of Money, Credit and Banking, 11 (November 1979).
“Does Monetarism Matter,” in Elmus R. Wicker (editor), The Lilly Conference on Recent Developments in Economics. Indiana
University Press, 1978.
“The Aggregate Permanent-Income Consumption Function,” Economic Inquiry, 14 (March 1976).
“Politics, Stabilization Goals, and the Appropriateness of Fiscal Policy,” (with
George M. von Furstenberg), Public Finance Quarterly, l (January 1973).
“Econometric Models: A Decision-Making Tool for Bank
Management,” Journal of Bank Research, Summer 1970.
“Discount Administration in Econometric Models,” Southern Journal of Business, July 1970.
“Independence of Monetary Policies: A Simulation
Study,” (with Thomas H. Naylor), Applied
Economics, 2 (1970).
“A Policy Model of the United States
Monetary Sector,” (with Eduard H. Brau, Thomas H. Naylor, and William P. Yohe), Southern
Economic Journal, 35 (April 1969).
Review of John Singleton, Central Banking
in the Twentieth Century, in Business History Review, Vol. 86, No. 2 (June
2012), pp. 395-97.
“2010: The Year of IMF Reform,” online at IMFdirect, the International Monetary Fund’s global economy forum (December 28, 2010); http://blog-imfdirect.imf.org/2010/12/28/2010-the-year-of-imf-reform/.
“Cassandra Speaks Again,” review of Harold James, The Creation and Destruction of Value, in Finance & Development,
March 2010, p. 53.
“Year in Review: Lessons from History – No Way Back to Cheap, Easy
Credit,” online at IMFdirect, the International Monetary Fund’s global
economy forum (December 21, 2009); http://blog-imfdirect.imf.org/2009/12/21/lessons-from-history/.
“The Role of the IMF in Low-Income Countries” (with Domenico Lombardi),
introductory chapter in James M. Boughton and Domenico Lombardi (Editors), Finance,
Development, and the IMF. Oxford, United
Kingdom: Oxford University Press, June 2009.
Review of Filippo Cesarano, Monetary Theory and Bretton
Woods: The Construction of an International Monetary Order, in History of Political
Economy, Vol. 40 (fall 2008).
Review of Edwin M. Truman, A Strategy for IMF Reform,
and Edwin M. Truman (Editor), Reforming the IMF for the 21st Century, in Journal of Economic Literature, Vol. 45 (June 2007).
“Recycling Petrodollars in the 1970s” (with Suchitra Kumarapathy), Box
2.2 in World Economic Outlook (April 2006), pp. 85-87. Washington:
International Monetary Fund.
Review of Gianni Toniolo, Central Bank Cooperation at the Bank for International Settlements,
1930-1973, in Business History Review (Harvard Business School), Vol. 80, No. 2 (Summer 2006), pp. 393-96.
“The Role of the IMF in Peace and Security,” panel discussion on “The Role
of Peace in the Bretton Woods Institutions,” in Padideh Ala’i, Tomer Broude, and Colin Picker (editors), Trade
as Guarantor of Peace, Liberty and Security? Studies in Transnational Legal
Policy, No. 37, pp. 6-11. Washington: The American Society of International
Global Monitoring Report 2004: Policies and Actions for Achieving the Millennium Development
Goals and Related Outcomes (with Zia Qureshi as lead author; team leader for IMF); World Bank, 2004.
Review of Graham Bird, The IMF and the Future, in The Times Higher
Education Supplement (London), January
“New Conditionality Guidelines Put Country Officials
Back in the Driver’s Seat,” interview, IMF Survey, Vol. 31, No. 23
(December 16, 2002), pp. 390-91.
Review of Harold James, The End of Globalization: Lessons from the Great Depression,
in The International History Review, Vol. 24, No. 4 (December 2002),
Comment on “Imbalance of Power,” by Robert Skidelsky, in Foreign Policy,
“Historical Perspectives on Financial Distress:
A Comment,” discussion of a paper by Michael D.
Bordo and Anna J.
Schwartz, in Carnegie-Rochester Conference Series
on Public Policy, Vol. 53 (Ben McCallum,
Editor), pp. 169-175.
“Bill Yohe: Some Tales,” Duke Journal of
Economics, Vol. 11 (spring 1999).
Discussion of “On the Foreign Exchange Risk Premium in Sticky-Price General Equilibrium
Models,” by Charles Engel, in Peter Isard, Assaf Razin, and Andrew K. Rose (Editors), International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr. Boston and Washington:
Kluwer Academic Publishers and International Monetary Fund, 2000.
Review of Devesh Kapur, John P. Lewis, and Richard Webb, The
World Bank: Its First Half Century, in Finance
and Development (June 1998).
Review of Elmus R. Wicker, Banking Panics of the Great
Depression, in Finance and Development (June 1997).
Review of Jerome L. Stein and Polly Reynolds Allen, Fundamental
Determinants of Exchange Rates, in Journal of Economic Literature (June 1997).
“The IMF and the International Monetary System” (lecture), in Proceedings of the Twentieth SEANZA Central Banking Course. Karachi: National Bank of Pakistan,
Review of Political Economy of Policy Reform in Developing
Countries, by Anne O. Krueger, Finance and Development (June 1994).
Review of Taking Money Seriously, by David E.W. Laidler,
Finance and Development (March 1992).
Review of Globalisation Financiére: LAventure
Obligée, by Michel Aglietta, Anton Brender, and Virginie Coudert, International
Economic Insights, 2 (March/April 1991).
Review of The Economics of the Dollar Cycle, edited
by Stefan Gerlach and Peter A. Petri, and The Political Economy of American Monetary
Policy edited by Thomas Mayer, Finance and Development (September 1991).
Review of Horizontalists and Verticalists: The Macroeconomics of Credit Money, by Basil J. Moore, Finance
and Development (September 1989).
“The Stabilizing Properties of Target Zones: Discussion” (discussion of a paper
by Marcus Miller, Paul Weller, and John Williamson), in Ralph Bryant, David Currie,
Jacob Frenkel, Paul Masson, and Richard Portes (editors), Macroeconomic Policies in
an Interdependent World, International Monetary Fund (1989).
Discussion of “Commodity Price Indicators: A Case for Discretion Rather
than Rules,” by Alison Hook and David Walton; in Marcus Miller, Barry Eichengreen, and Richard Portes (editors), Blueprints for Exchange Rate Management, Academic Press, 1989.
“The Era of ‘Somewhat Flexible’ Exchange Rates” (interview), Economic Impact, No. 62 (1988/1).
Review of Targets and Indicators: A Blueprint for the International Coordination of Economic Policy, by John Williamson and Marcus H.
Miller. Finance and Development, 25
“Some Aspects of the Adjustment Problem in an Interdependent World: Comment [on Matthew
Canzoneri and Jo Anna Gray],” in Tamir Agmon, Robert G. Hawkins, and Richard M. Levich (editors), The Future of the International Monetary System. Lexington Books,
Review of The Postwar International Money Crisis,
by Victor Argy. Journal of Money, Credit
and Banking, 14 (November 1982).
Review of Inflation:
Global, International and National Aspects, by Assar Lindbeck. Journal of Money, Credit and Banking, 13 (May 1981).
Reviews of Parameters and Policies in the United States,
edited by Otto Eckstein, and Capital for
Productivity and Jobs, edited by Eli Shapiro and William L. White. Journal of Money, Credit and Banking, 9 (November 1977).
Reviews of Money, by John Kenneth Galbraith, and
A History of Gold and Money by Pierre Vilar.
American Historical Review, October 1976.
“A Study in West German Stabilization Policy, 1956-1974: Comment,” in German Economic Growth and Stability. Indiana University Institute
of German Studies, 1976.
“Simulation Experiments with a Monetary Policy Model,” Chapter 15 of Thomas
H. Naylor, Computer Simulation Experiments.
New York: John Wiley and Sons, 1971.